Vipshop Holdings Ltd · NYSE:VIPS
Vipshop — Q2 2025 Earnings Presentation
26 slides from Vipshop's earnings presentation, Aug 14, 2025
Slide 1: Vipshop Holdings Limited Investor Presentation
Vipshop Holdings Limited Investor Presentation August 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Vipshop Holdings Limited (the “Company”) solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are
Slide 3: China's Leading Online Discount Retailer for Brands
China's Leading Online Discount Retailer for Brands Branded Products at Exceptional Value 3
Slide 4: Business Overview
Business Overview 唯品会保密信息，未经许可不得扩散
Slide 5: Our Competitive Strengths
Our Competitive Strengths 1 High Market Demand and Great Growth Potential for China’s Online Discount Retail Market 2 Strong Merchandising Expertise Making us Partner-of-Choice Discount Retail Platform for Brands 3 Superior Customer Experience Fostering Highly Engaged and Loyal Customers with Strong
Slide 6: High Market Demand and Great Growth Potential for China's Online Discount Retail Market
High Market Demand and Great Growth Potential for China’s Online Discount Retail Market Driver 1: Strong Demand for Driver 2: Growing Needs for Brands Discounted Merchandise to Monetize Inventory Effectively among Chinese Consumers • Sustainable supply for discount retail market, as • More mature, r
Slide 7: Our Unique Business Model
Our Unique Business Model Business Intelligence Highly Engaged and Loyal Abundant Popular Brands Customers AI-powered Merchandising Professionals Technology Innovation Partnership Service Brands Customers Great Value Merchant Optimized IT Platform Infrastructure Expanding High S Value Customers Diff
Slide 8: Enhanced Merchandising Capabilities
Enhanced Merchandising Capabilities Deep Industry Merchandising Business Intelligence Expertise Professionals & Merchant Platform Merchandise Customer Insight Operation • Carefully select a rich and diverse • Predict consumer preferences and • Adjust product mix timely and selection of popular brand
Slide 9: Partner-of-Choice Discount Retail Platform for Brands
Partner-of-Choice Discount Retail Platform for Brands Specialized platform for One-stop inventory solution with monetizing inventory without proven sales efficiency and ROI brand dilution and pricing dilemma Reaching a unique group of high-value Diversified online and offline customers who care for
Slide 10: Optimized Product Mix
Optimized Product Mix Core Brands 900+ mass-market brands contribute to the majority Core of sales Business Differentiated Products Made-for-Vipshop customized products Fresh and Trendy Brands Emerging and most sought-after brands in a range of styles to attract younger customers New Opportunities H
Slide 11: Superior Customer Experience
Superior Customer Experience Trust Value Ease • Guaranteed product • Value-for-money • Treasure-hunting and gimmick- authenticity free shopping experience • Great prices every day • Buyer-selected branded • Best-in-class delivery service products • Affordable within desired price via industry leader
Slide 12: Highly Engaged and Loyal Customers with Strong Purchasing Power
Highly Engaged and Loyal Customers with Strong Purchasing Power Customer Profile Customer Loyalty Repeat Customers(1) Active Super VIP Customers ~75% Women FY 2024 73 MM FY 2024 8.8 MM % of total active 86% YoY growth 16% customers 70%+ Post-80s and -90s % of online net GMV(2) 49% Orders from Repeat
Slide 13: Quality Customer Base with Growth Potential
Quality Customer Base with Growth Potential Total Active Customers (in million)(1) China’s Online Shoppers(2) 974 MM 3.9% -3.1% Vipshop 84.1 87.4 84.7 Cumulative Customers(3) -1.7% 293 MM 44.3 43.5 Vipshop Total Active Customers 84.7 MM 2022 2023 2024 2Q24 2Q25 Notes: (1) “Active customers” is defin
Slide 14: Operational Excellence Powered by Data and Technology
Operational Excellence Powered by Data and Technology Merchant Platform Best-in-Class Technology-enabled for Efficiency Gain Fulfillment Capabilities Business Synergy • A full set of processes and • Digitalized systems that • Best match products to tools to help brand partners enhance orders, logist
Slide 15: Visionary and Experienced Management Team with Proven Track Record
Visionary and Experienced Management Team with Proven Track Record Eric Ya Shen Arthur Xiaobo Hong Mark Wang Mike Li Co-Founder, Co-Founder, Chairman, CEO Vice Chairman, COO Chief Financial Officer Chief Technology Officer • Innovative entrepreneur in • Innovative entrepreneur in • Seasoned expert i
Slide 16: Our ESG Commitment
Our ESG Commitment Environmental Social Governance • Pledge to achieve carbon neutrality in • Continuous efforts in female • Ensure good governance as its own operations and a 50% empowerment, rural vitalization, compliant, disciplined corporate reduction in Scope 3 carbon emission community integra
Slide 17: Our Future
Our Future Solidify Market Leadership by Enhancing Merchandising Capabilities • Strengthen, expand and differentiate merchandise portfolio by fully leveraging our merchandising expertise to reinforce value proposition to brand partners Grow Customer Base and Increase Customer Engagement • Integrate
Slide 18: Financial Highlights
Financial Highlights 18
Slide 19: Solid Profitability Despite Macro Uncertainties
Solid Profitability Despite Macro Uncertainties Total Net Revenues Net Income and Net Margin Attributable to Vipshop’s Shareholders (Non-GAAP)(1) (RMB in millions) (RMB in millions) 9.4% -3.9% 112,856 8.4% 8.3% 8.1% 8.0% 108,421 6.6% 103,152 9,510 9,033 6,837 -4.0% 26,875 25,806 2,165 2,077 2022 202
Slide 20: Healthy Gross Margin
Healthy Gross Margin Gross Profit and Gross Margin (RMB in millions) 35,000 23.5% 23.6% 23.7% 23.7% 23.6% 24.0% 23.5% 22.8% 23.0% 23.2% 25.0% 21.7% 21.7% 22.2% 21.0% 21.4% 30,000 19.8% 20.5% 25,721 25,470 20.0% 25,000 21,616 20,000 15.0% 15,000 10.0% 10,000 8,233 7,628 6,900 6,202 6,546 6,341 6,082
Slide 21: Well-managed Operating Expenses
Well-managed Operating Expenses Fulfillment Expenses Marketing Expenses (RMB in millions) as % of total net revenues (RMB in millions) as % of total net revenues 12,000 7.0% 7.3% 7.7% 8.1% 8.2% 7.0% 7,000 2.7% 2.9% 2.7% 2.8% 2.8% 10,000 4.0% 8,262 8,347 5.0% 6,000 8,000 7,247 2.0% 5,000 3.0% 0.0% 6,
Slide 22: Sustainable and Profitable Business Model
Sustainable and Profitable Business Model Net Income and Net Margin Attributable to Vipshop’s Shareholders (Non-GAAP)(1) (RMB in millions) 51 Quarters of Consecutive Profitability since 4Q2012 9.2% 9.3% 9.0% 8.8% 11,000 10,978 10,956 10,934 10,912 8.4% 8.3% 8.6% 8.1% 8.1% 10.0% 10,890 10,868 10,846
Slide 23: Strong Cash Position
Strong Cash Position (RMB in millions) 28,827 28,281 29,054 27,722 27,559 30,000 14,500 24,699 23,539 24,014 19,325 21,469 19,592 20,410 19,738 20,101 12,500 20,000 10,500 9,289 8,841 8,640 10,000 8,500 7,826 8,174 8,119 7,307 6,838 0 6,500 5,622 5,182 5,173 4,524 4,562 4,500 -10,000 2,601 2,500 -20
Slide 24: CapEx Summary
CapEx Summary (RMB in millions) Primary Usage: Locations of Key Assets 5,231 • Shan Shan Outlets; (as of June 30, 2025) 3,563 3,103 • Land use rights; • Office buildings; Harbin • Office and other operating Urumqi equipment and IT software. FY2022 FY2023 FY2024 Shenyang Dalian Key Assets Highlights(
Slide 25: Consistent Shareholder Return
Consistent Shareholder Return US$ in mn Share Repurchase Dividend Total FY2021 300.9 - 300.9 FY2022 952.3 - 952.3 FY2023 713.3 - 713.3 FY2024 536.1 233.3 769.4 Total 2,735.9 FY2025 Shareholder Return • Paid an annual cash dividend for fiscal 2024 in the amount of US$247.4 million. • Continue share r
Slide 26: THANKS
THANKS ime A £ u